Birmingham City Council have launched a new scheme to help fledgling technology businesses secure a share of a £1m equity funding pot.
The scheme has the support of Birmingham Science Park, Aston (BSPA).
Budding entrepreneurs will pitch their ideas to a panel of senior figures from the city, in the hope of securing between £20,000 – £100,000.
The fund, which will be managed by Finance Birmingham, is targeted at start-up technology companies, including those that have qualified from BSPA’s Entrepreneurs for the Future (e4f) or Oxygen Accelerator business incubation programmes and are in the first stages of seeking funding.
The panel to which the entrepreneurs will pitch which will be led by Finance Birmingham and will feature representatives from Birmingham City Council and BSPA.
Mike Whitby, Leader of Birmingham City Council and Chairman of Birmingham Science Park said: "The creation of this new fund is phenomenal news for the city, for the Science Park – and most importantly for the many fledgling technology businesses we know are out there, but need some equity investment to help grow their businesses."
"We see the growth of SMEs, particularly in sectors like technology, as absolutely essential for growing Birmingham’s economy in the future."
Birmingham City Council